If I owe $12,183.14 left on a car, and pay $3.97 dollars a day on interest, what is the annual interest rate?
Answers: 11.90% interest.
Solution:
you pay 3.97 a day; which adds up to 1449.05 a year.
you owe 12183.14 on the car. If you cross multiply you get 11.893896 percent.
100% . 11.90%
---------- x --------------
12183.14 .. 1449.05
In order to determine APR need to know a couple of things.
1. Original Loan amount
2. Length of Loan Term
3. Payment amount agreed on.
From this information you can work back to APR.
Cant figure that out unless you know how much you originally financed on the car, and how many payments had to be made from day one.
The amount of interest you pay gets less and less with each payment, while the amount of principal grows with each payment.
So your first payment is probably mostly interest and very little principal, while your last payment is mostly principal and very little or no interest.
About %12 APR.
$3.97/day = $1449.05/yr
$1449.05 is %11.89 of $12,183.14 (1449.05/12183.14)
11.89% APR
3.97 / 12,183.14 = 0.0003258
(0.03258% per day)
0.0003258 x 365 (days in a year) = 0.118917
11.89% per year (or APR)
$3.97 * 365 = $1449.05
1449.05 / 12183.14 = 0.1189 or 11.9%
11.9% yearly interest.
That is assuming your principal (the $12k) stays the same.
Headache and Slim are correct. Interest rate can not be calculated with the info that you have provided.
Can i see what i have to pay in my telephone bills?
Answers: of course you can. if you dont get the detailed bill. call your carrier and tell them you want it
y not u can
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I am a 19 year old college student surrounded by L.A. I need to earn at lowest possible $3,000 a month! What jobs should I look within to?Answers: You can appy for any County, City or State job, that would start past its sell-by date at about $16 dollars an hour. I am not sure just about fast food or local stores would retribution that much. Hopefully this helps.
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